JillBening Jill Bening-Ehret Associate Director 847.606.2255 vCard

Jill is an experienced Compliance professional that brings over 18 years of practical compliance application perspective and insight. Jill has worked in the Compliance divisions of both small and large regional and national broker-dealers and registered investment advisors.  She has provided compliance oversight and advice to clients focusing on retail independent models, Financial Technology (“FinTech”) models, institutional-based and bank-owned registered investment advisors and broker-dealers. In addition to providing advice, Jill has served as the Chief Compliance Officer for broker-dealers, registered investment advisors and dual-registered firms.  She has advised firms on a wide range of federal and state regulatory matters, including responding to SEC, FINRA and state inquiries, and provides a practical application perspective to firms for their compliance, supervision and surveillance programs. Jill specializes in broker-dealer supervision and surveillance including the creation of Written Supervisory Policies and Procedures, operational structures of a Compliance division (centralized supervision and surveillance), branch office supervision and oversight, advertising reviews, evaluations of complex compliance issues including reviews of outside business activities, private securities transactions and complex products, firm and product due diligence, continuing education training and development, anti-money laundering (AML) reviews, business continuity planning and annual compliance requirements.  In addition to her work with broker-dealers, Jill has advised registered investment advisors in the creation of Compliance Manuals and Code of Ethics, developed enhanced AML reviews for due diligence, created business continuity plans and created the filings of the Form ADV and supplemental brochures.

Expertise

  • Engages as a contract Chief Compliance Officer for support of broker-dealer operations
  • Engages as a contract Chief Compliance Officer for support of registered investment advisor firms
  • Engages as a contract AML Compliance Officer for support of broker-dealer and registered investment advisors
  • Provides guidance on the operational organizational structures of a compliance division including centralized supervision, surveillance, branch supervision, audit, advertising and registration
  • Conducts evaluations of firm supervisory and operational systems to develop written policies and procedures for broker-dealers, as well as Compliance manuals and Code of Ethics for registered investment advisors, that mitigate risk and support adherence with regulatory rules and guidelines
  • Provides guidance and assistance to clients preparing to comply with the Department of Labor Fiduciary Rule.  This includes: review and assessment of current retirement accounts; assessment of potential impact on client’s retirement business, including but not limited to compensation structure, need to rely upon Best Interest Contract Exemption, revisions to compliance and supervisory policies and procedures, product offerings, and technology platform; best practice recommendations; and the implementation process
  • Provides responses to regulatory inquiries and audit requests as well as completed necessary filings of the Form U-4, U-5, BR and Form BD regulatory reporting documents
  • Creation of Form ADV and supplemental brochures
  • Due diligence reviews of new product offerings for sale by firms and their associates
  • Creates and presents continuing education training including vendor selections, need analysis review and creation, course selection and delivery of the annual compliance meeting
  • Performed and can provide oversight and direct reviews of complex compliance issues including: outside business activities, private securities transactions, non-cash compensation, structured and complex products, marketing /advertising and communication materials
  • Conducted branch examinations along with providing enhanced audit procedures and guidelines for firms, creating the annual audit schedule based on firm risk assessments and regulatory requirements, performed training and supervision of new internal auditors for firms
  • Reviewed and provided guidance on AML issues of concern, coordinated annual AML independent firm audits, resp
  • onded to AML inquiries presented by associated clearing firms

Career Highlights

  • Associate Director – Oyster Consulting, LLC
  • Chief Compliance Officer / AML Compliance Officer – Saxony Securities, Inc.
  • President/Consultant – Bening Consulting Group, LLC
  • Managing Director / Senior Vice President Compliance – Alare Capital Securities, LLC
  • Lead Compliance Examiner / OSJ Supervisor – LPL Financial
  • Coordination Director Capital Markets / Research Editor – The Seidler Companies Incorporated
  • Compliance Advertising Analyst – National Planning Corporation
  • Associate Financial Advisor – Morgan Stanley

Education, Accolades and Industry Commitments

  • National Society of Compliance Professionals (“NSCP”) Member
  • Guest speaker on Continuing Education & Ethics – NEXT Financial Annual Conference Meeting (2011)
  • FINRA Series Registrations: 7, 63, 99 and 24 (Registrations are typically inactive, but may be used when appropriate to perform interim functions for our clients)
  • Independently studied for Series 4, 66 & 27
  • Bachelor of Science (Finance) University of Illinois Champaign-Urbana
  • Economic University in Vienna, Austria (WU-WIEN) – Study Abroad in Business Economics, Finance and Germanic Languages

Publications and Presentations

The SECS 2017 Priorities: What They Are and What Compliance Professionals Need to Know– NSCP Currents, February, 2017.